USA PATRIOT Act

USA PATRIOT Act

Legislation in the United States, enacted in 2001 shortly after the September 11 terrorist attacks, that increased the federal government's surveillance and enforcement powers with the intent of combating terrorism. Among other provisions, it expanded the powers of the Secretary of the Treasury to monitor financial transactions, especially internationally, and cracked down on money laundering.

Officially entitled the Domestic Security Enhancement Act of 2003 (DSEA), the legislation has been dubbed "Patriot Act U" by opponents, since it appears to be a follow-up punch to the USA Patriot Act of 2001, passed in the wake of 9-11.

Title III of the USA PATRIOT Act, and specifically Section 326 (the International Money Laundering Abatement and Anti-Terrorist Financing Act), requires financial institutions to "reasonably and practicably" know their customers.

Some of the most controversial aspects of the USA PATRIOT Act, the legislation expanding government police and intelligence powers that was hastily passed in the wake of the September 11th attacks, were scheduled to expire at the end of 2005 absent further congressional action.

He has responsibility for all legal matters affecting retail banking including mortgage, home equity, credit and debit cards, privacy, the Community Reinvestment Act, e-commerce, and the USA Patriot Act.

IN JULY, THE Department of Justice released "Report from the Field: The USA PATRIOT Act at Work," a 29-page effort to persuade its critics that the controversial PATRIOT Act, passed in 2001, is both necessary to fight terrorism and unlikely to undermine American liberties.

As noted above, the Section urges FinCEN to be sensitive to the costs of imposing Section 352 AML requirements on the commercial real estate industry Section 352 of the USA Patriot Act requires the establishment of an AML program, including, at a minimum, the following:

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